A B c D E F H I J K L I Clarkson Company Clarkson Company Cost of Goods Manufactured Partial net income For the year ended June 30,2020 For the year ended June 30,2020 Work in process 7/1/19 $19,800.00 Sales revenue 534,000 Direct materials Less: sales discounts 4,200 Raw materials inventory 7/1/19 $48,000 Net sales 529,800 Raw materials purchase 96,400 Cost of good sold Less: ending raw material inventory m Finished goods inventory, 7/1/19 96,000 Total direct materials $104,800 Cost of goods manufactured 386 910 Direct Labor 139,250 Cost of goods availbe for sale 482,910 Manufactured Overhead Less: ending nished goods inventory 75,900 Indirect Labor 24,460 Total cost of good sold 407 010 Factory insurance 4,600 Gross prot 122,790 Factory machinery depreciation 16,000 Factory utilities 27,600 Clarkson Company Plant manager's Salary 58,000 Balance Sheet (partial) Factory property taxes 9,600 For the year ended June 30,2020 Factory repairs 1% Current asset Total Manufactured overhead 141,660 cash 32,000 Total manufacturing Cost $385,710 Account Receivables 27,000 Total cost of work in process $405,510.00 Inventories Less: ending work in process M Ending Raw materials 39,600 Cost of goods manufactured $386,910.00 Ending Work in process 18,600 Ending Finished goods m Total Inventories 134 100 Total current assets 193,100 P19.4A (LO 3) The following data were taken from the records of Clarkson Company for the fiscal year Prepare a cost of goods manufactured ended June 30, 2020. schedule, a partial income statement, and a partial balance sheet. Raw Materials Factory Insurance $ 4,600 Inventory 7/1/19 $ 48,000 Factory Machinery Excel Raw Materials Depreciation 16,000 Inventory 6/30/20 39,600 Factory Utilities 27,600 Finished Goods 8,650 te head- Office Utilities Expense Inventory 7/1/19 96,000 Sales Revenue 534,000 Finished Goods Sales Discounts 4,200 Inventory 6/30/20 75,900 Plant Manager's Salary 58,000 Work in Process Factory Property Taxes 9,600 er 2020. Inventory 7/1/19 19,800 Factory Repairs 1,400 of audio Work in Process Raw Materials Purchases 96,400 Inventory 6/30/20 18,600 Cash 32,000 ines are Direct Labor 139,250 rent on Indirect Labor 24,460 cost $5 Accounts Receivable 27,000 $9,500 Instructions factory a. Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) a. CGM $386,910 b. Prepare an income statement through gross profit. b. Gross profit $122,790 c. Prepare the current assets section of the balance sheet at June 30, 2020. c. Current assets $193,100
